The African Regional Organisation of the International Trade Union Confederation (ITUC-Africa) has added its voice to the call for the establishment of an African Credit Rating Agency by 2027 to counter systemic bias in global credit markets.
The call was made at the Pan-African Debt Cancellation Rally and Trade Justice Campaign in Accra, where labour leaders argued that international rating agencies, Fitch, Moody’s, and S&P Global have consistently misjudged African economies, branding them high-risk and inflating borrowing costs.
According to ITUC-Africa, the proposed credit rating agency would form part of a broader continental financial safety net that includes an African Monetary and Stability Fund and an African Financial Stability Mechanism.
These, the union said, would give Africa more control over its debt and development agenda while reducing dependence on external institutions.
“Global credit rating agencies have consistently misrepresented African economies, creating an uneven playing field that punishes our countries with higher interest rates and unfair risk perceptions, African-led agency will ensure fairer and more contextual assessments,” ITUC-Africa said.
The rally, which brought together workers, trade unionists, and civil society activists from across the continent, also adopted a series of proposals aimed at strengthening Africa’s financial sovereignty.
These included the publication of all loan agreements, outlawing predatory “vulture funds,” and issuing $50 billion in climate and social bonds by 2030 to boost domestic resource mobilisation.
Labour leaders emphasised that Africa must build strong, homegrown financial institutions to shield itself from what they described as failed external mechanisms, such as the G20 Common Framework. They argued that the framework protects creditors at the expense of African people, worsening debt vulnerabilities rather than resolving them.
Delegates also pressed African governments to adopt the African Doctrine on Debt. The doctrine calls for exempting climate and security-related expenditure from debt sustainability assessments, adjusting debt thresholds to reflect Africa’s demographic and growth realities, and instituting automatic debt standstills during economic or external shocks.
The movement seeks to reshape the global financial system in favour of African economies, prioritising growth, employment, and social protection over creditor interests.
By advocating for an African credit rating agency and new debt governance mechanisms, ITUC-Africa hopes to pave the way for a more just financial order that empowers Africa to finance its own development on equitable terms.
